🚀ETHEREUM SCORES WITH BANCO SANTANDER 🚀

“For Santander, this is really much more of a technology innovation issue than a pure financial issue. We regard this an important first step that will be followed by more complex transactions,” Torio said.

Whelan said the tokenized cash was held “in escrow in a smart contract on the public ethereum blockchain, until the issuer had underwritten the transaction and instructed the blockchain to perform the delivery versus payment,” at which point the cash and bonds were swapped “simultaneously and irrevocably.” The process started Friday and wrapped up Tuesday.

Asked if Sandander’s custody services could equally hold fully-fledged digital assets such as bitcoin and ether, Whelan said this was technically possible but not the bank’s plan, adding:

“At the bank, we are not interested in cryptocurrencies directly. The technology is the same underneath, but we are interested and our customers are interested in traditional dollars, euros, pounds and that’s our space.”
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